Many people are waiting until next year before dealing with planning their estate, since they do not know whether new estate planning laws will be in effect by next year. Some people in Florida with a higher amount of assets are uncertain how future laws will affect their estate planning decisions. However, one should not procrastinate on something as important as planning one’s estate. Despite the uncertainty in the new laws, there are some tasks which could be taken care of regardless of any changes to the estate tax laws….
After the “misunderstanding” that led to TJ Jackson being appointed emergency guardian of Michael Jackson’s children, the family has developed a plan for him to be a permanent co-guardian of the children. The crux of the plan is that Katherine Jackson, Michael Jackson’s mother, will be able to focus on raising the children, while TJ can focus on the financial and logistical parts of the guardianship. This may be a plan that appeals to some in Florida who may be in a similar situation….
A trust is a contract that specifies the terms in which a party is to control property or assets for the benefit of others, known as beneficiaries. The party or person in charge of the trust is known as the trustee. There are a variety of reasons and benefits to create trusts in Florida and elsewhere. One real estate company is attempting to reorganize itself into a real estate investment trust to avoid paying certain corporate taxes. Trusts can be a great way to protect assets from being taxed in certain ways as well as providing the trust holder control over the trust during his or her lifetime, and then a smooth transition of the property or assets in the trust to its beneficiaries after the trust holder passes….
When a person becomes incapacitated, he or she is not able to make financial and other important decisions for himself or herself. At this point it is sometimes necessary to appoint an individual who can be legally in charge of making these types of decisions for the person. In Florida, this agreement is known as guardianship, and it becomes the legal responsibility of the guardian to act in the best interest of the incapacitated person. However, one former city prosecutor has been accused of badly abusing this responsibility….
When a person dies and the decedent’s assets are transferred to another party, those assets are subject to taxation. The estate tax has been under scrutiny by lawmakers for the past several years. Some politicians want to continue the tax breaks started during the Bush administration; however, the Obama administration is proposing to end the Bush-era cuts on the estate tax, which could affect many in Florida. Now, the U.S. Senate Democrats have decided to eliminate the estate tax language in the bill proposed by Obama….